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Martin and Harris Laboratories

₹1,925.00
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No

Available in Depository:
NSDL
CDSL

Available for Investment:
Primary
Secondary

RATING

RECOMMENDATION

Neutral

Business Type

Near Leader

Investment Checklist

Management

Accounting Practice

Profitability

Solvency

Growth

Valuation

RATING

RECOMMENDATION

Neutral

Business Type

Near Leader

Martin & Harris Unlisted Shares Essentials
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Discover and get a complete analysis on Martin & Harris Laboratories Limited - Management, Business Model, Financials, Growth, Valuations, Funding Rounds, News and get latest updates on Martin and Harris Upcoming IPO.

ISIN

INE03VV01015

Face Value

₹10.00

Total Share

39,96,040

Total Income

₹335.62 Crores

Profit After Tax

₹176.87 Crores

EPS

₹442.60

P/E

4.35

P/B

2.15

Market Capitalisation

₹769.24 Cr

Enterprise Value

₹672.16 Cr

Book Value

₹894.30

Intrinsic Value

₹1,702.07

Dividend Yield

0.18 %

Earnings Yield

22.99 %

Sector

Health Care

Sub-sector

Pharmaceuticals

Martin & Harris Growth

About Martin & Harris

The "Apeejay Group," one of India's oldest and most prominent business conglomerates, owns Martin & Harris Laboratories Ltd, a company founded in Gurgaon, Haryana, in 1996.
Pharmaceutical, medical, chemical, and botanical product manufacture are the main activities of Martin & Harris Laboratories Ltd.
It offers bactericidal antibiotics, treatments for Parkinson's disease, vaginal infections, antispasmodics, progestin-only medications, vitamin medications, anabolic steroids, hormonal medicines, and ovulatory stimulants, among other things.
The company has extensive manufacturing plants in Roorkee and Gagreth, which produce medicines for contract manufacturing. The company manufactures drugs named Drotin, Bilalife, Uriliser, Microgest, Ovagen, Uripas, Amclox, Venusmin, etc.
In addition to its primary pharmaceutical business, it manages its money by investing in various opportunities that yield strong returns, such as mutual funds, listed and unlisted stocks, etc. Delite Infrastructure Limited, an investment arm of Martin & Harris, handles all the related operations.

Martin & Harris IPO Details

The company has not filed for DRHP as of now

Martin & Harris Subsidiaries

Delite Infrastructure Private Limited

Martin & Harris Business Model

Martin & Harris Laboratories Ltd is engaged in manufacturing pharmaceutical, medicinal chemical & botanical products. Besides the core business, it has undertaken the management of its funds through investment in different avenues fetching good returns, i.e., mutual funds, equity –quoted & unquoted, etc.

Martin & Harris Revenue Segmentation

Other income
Futures and Options(Derivatives)

Pharmaceuticals manufacturing

Martin & Harris Product & Services

Few medicines manufactured by them are:

Venusmin
Tamsin
Drotin Plus
TSmartilon 20
Amcfox
Fotigest

Martin & Harris Assets

Assets of the company as on 31st, March 2021.

Particulars	Amount in Rs. Crores
Land	1.69
Vehicles	0.65
Building	1.05
Plant and Equipment	8.57
Furniture and Fixtures	0.86
Computer	0.11
Office Equipment	0.11
Leasehold Improvement	0.35

Martin & Harris Industry Overview

Industry Statistics

Introduction:

The pharmaceutical industry researches, develops, manufactures, and distributes pharmaceutical drugs for use as medicines to patients (or self-given), aiming to cure, immunize, or relieve their symptoms. As of FY21, generic drugs account for 75.5% of the overall sales of the pharmaceutical sector followed by OTC medicines contributing 15.6% and patented drugs tallying up to 8.9% during the same period. It engages in technological advancements to meet the complex healthcare demands of the population, which plays a significant role in developing vaccines and medications for the treatment of ailments, prevention, reduction of disease incidence, and enhancement of quality of life.
According to Care Edge, in terms of volume and value, the Indian pharmaceutical industry (IPI) is ranked 3rd and 14th, respectively. The dominance of IPI in generic drugs, which command lower pricing and contribute to around 70% of the industry's sales, can be blamed for the lower market share in terms of value. The IPI is mainly segregated into four Formulations, API/Bulk drugs, Biosimilars, and CRAMS.

Market:

According to Fitch Solutions, the pharmaceuticals market is valued at Rs. 2421.7 billion in FY21 compared to Rs. 2123.4 billion in FY20, showcasing a growth of 14% year-on-year (y-o-y). The key drivers behind the change are an increase in the market value, low cost of production, patent cliff, increase in per capita income, the transition of disease profile, an increase in the health insurance market, and abating of regulatory risks
The achievement of Good Manufacturing Practice (GMP) accreditation will help the company's trade network grow and enable shipments to developed market regions. Along with this, the healthcare industry is still growing, and people are becoming more cost-conscious, leading to this exponential performance.

Key Trends:

The key trends in the pharmaceutical industry include Artificial intelligence, Blockchain, Patient-centric care, and Big data analytics. Big companies are using these to make the healthcare segment more advance and efficient.
Few negative trends in the sector are increased input cost due to the rise of import duties on Chinese products which leads to a rise in the input cost India meets its 69% demand by the imports of Chinese API/bulk drugs. This is followed by price control by government authorities to make the drug more affordable as well as relatively low Research & Development (R&D) investments because according to Care Edge the top 5 pharmaceutical companies of India only allocated 7.1% to 7.9% for their R&D CAPEX.

Major Player:

Major listed players in these sectors are Sun Pharmaceutical Ltd, Cipla Ltd, Abbott India Ltd, Alkem Laboratories Ltd, and Torrent Pharmaceuticals Ltd.

Listed Peers:

The listed peers of Martin and Harris Labortiers Ltd, as per its market capitalization and portfolio sizes, are Korpan Ltd, Themis Medicare Ltd, and SMS Pharmaceuticals Ltd.

Future Prospects

According to Fitch solutions, the Indian pharmaceutical industry is expected to reach Rs. 3830.2 billion byFY25, expanding at a compound annual growth rate (CAGR) of 12.5% during the 2021-2025 period. Medicine sales would see a 10-year CAGR of 11.7% over the extended forecast period. The key drivers for the growth are the large and growing population, improved access to healthcare, and the rising burden of chronic diseases.
Given that India provides around 10% of global pharmaceutical production volumes and has a market share of about 2.4 percent in terms of value, the Indian pharmaceutical industry enjoys a dominant position in terms of production volumes. India's superior position is primarily due to its lower cost of production and its skilled people resources in science and technology. India has some of the lowest medicine prices in the entire globe.
A total of USD 240 billion worth of patented goods are anticipated to lose their patent protection during the following 5–6 years, until 2026. This offers Indian generic formulation businesses significant potential. Due to patent expiration in the following 4-5 years, Indian pharmaceutical businesses are anticipated to receive an opportunity worth approximately USD 5–6 billion.

Government Initiatives

The National Regulatory Authority (NRA) of India is DSCO, which is a part of the Directorate General of Health Services under the Ministry of Health & Family Welfare of the Government of India. Its headquarters are in New Delhi, and it also has offices all over the country, including six zonal offices, four sub-zonal offices, thirteen port offices, and seven laboratories.
The Union Cabinet adopted plans for the pharmaceutical industry on March 21, 2020, taking into account the scenario and India's dependence on China for KSM and API. The "Promotion of Bulk Drug Parks" program will spend Rs. 3,000 cr. over the course of five years, from FY21 to FY25, to finance common infrastructure facilities in three bulk drug parks.
On January 3, 2021, the Indian government approved Covishield by Serum Institute of India (SII), Covaxin by AstraZeneca, and Covaxin by Bharat Biotech for restricted usage in emergency situations to support the immunization campaign in India. The government of India started a vaccination campaign on January 16, 2021, with the goal of immunizing 30 crore people by July or August of that same year.
The PM Ayushman Bharat Health Infrastructure Mission (PMABHIM), with a budget of Rs. 640 billion, was introduced by Prime Minister Narendra Modi in his parliamentary district of Varanasi in October 2021 to boost the nation's healthcare capacities significantly.
It was revealed in October 2021 that the Active Pharmaceutical Ingredient (API) sector is the focus of mergers and acquisitions because of the "Atmanirbhar" drive and increased demand for pharmaceutical raw materials made in India rather than China (M&A). The Indian API sector is appealing to investors from India and around the world because of its favorable valuations, promising future, and accredited plants.
Under Union budget 2020-21, allocation to the Ministry of Health and Family Welfare stands at Rs. 65,012 crores, whereas Rs. 6,429 crores have been allocated to the health insurance scheme Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (ABPMJAY).
53 key KSMs, drug intermediates, and APIs have been recognized as needing domestic production through the Production Linked Incentive (PLI) Scheme, with a potential cost of Rs. 6,940 crores. The program will run from FY 2020–21 to FY 2029–30.

Martin & Harris Awards & Achievements

Martin and Harris Laboratories Limited,was awarded with "Pharma Excellence Awards-2018" by apex industry chamber ASSOCHAM for best innovation in process & formulation development.

Martin & Harris Strengths

The company's synthetic drugs, Drotin Plus, Amclox, Venusmin, and Tamsin, are always in huge demand and market leaders in their segments.
The company's pharma business has generated a ROCE of 17%, and the investment business has developed a ROCE of 40%.
The company has a significant strategic alliance with Walter Bushnell, which does the white labeling of the company's products.

Martin & Harris Shortcomings

Due to its reliance on imported active medicinal components, the company is always susceptible to changes in exchange rates.
The drugs manufactured by Martin & Harris are priced over the average market price and a significant portion of the population has low purchasing power , which makes it difficult for the company to cater the rural demand which is a major segment in Indian market.

Martin & Harris Opportunities

In 2020, government spending on healthcare totaled Rs. 2,289 billion, or 26.9% of all health expenditures. It is anticipated that by 2025, public healthcare spending will amount to Rs. 4,190 billion.
Increasing cases of COVID-19 infected patients across the globe has led to a rise in clinical chemistry services, especially in the specialized chemistry testing segment. Laboratory testing and pharma demands have increased significantly and continue to grow at a staggering rate to keep pace with suspected cases of COVID-19, thus boosting the market revenue.
India is a global leader in producing high-quality generic drugs and is progressively realizing its potential to build a robust, research-based pharmaceutical sector to create cutting-edge drugs.
India's pharmaceutical industry will continue to be a top location for foreign direct investment. Pharmaceutical companies will expand their production operations there to support the country's push to promote the biomedical industry.

Martin & Harris Threats

Threats include several factors, such as new generic products that arrive in the market, new regulations, new trade barriers, changes to health insurance regulations, and even the lack of availability of qualified staff.
Few of the challenges that the industry will face in near term are Price control by the NPPA, low investment in R&D as the range of investment in R&D by top firms is just 7.1% to 7.9% in each year and high reliance on China with respect to pharma inputs, as 69% import of API/bulk drugs is from china .
Government resistance to properly integrating patent law with international norms could halt the growth of the multinational industry.
The National Health Insurance Scheme's (NHIS) services and medications are under further pressure to reduce costs.

Martin & Harris Rating

RECOMMENDATION

Neutral

Martin & Harris Detail Info

Industry Statistics

PUBLIC LIMITED

Registered In

India

last Updated

16/08/2022

Registered Date

22/07/1993

Planify Ticker

M&H

Reg Office: NH-8, Delhi Jaipur Highway, Village, Pachgaon (Fazalwas), Distt. Gurgaon, Haryana

Frequently Ask Questions

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• 1. You confirm booking of stock_name_auto Unlisted Shares with us at a trading price.

• 2. You provide your client master report (ask the broker if not available) along with PAN Card and Cancelled Cheque in case you are not transferring funds from the bank account as mentioned in the CMR Copy. These are KYC documents required as per SEBI regulations.

• 3. We will provide the bank details.

• 4. You need to transfer funds in that account.

• 5. Payment has to be done in RTGS/NEFT/IMPS CHEQUE TRANSFER. No CASH DEPOSIT.

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Important Note: Please note that the lock-in period for selling stock_name_auto Unlisted Shares is 6 months after listing. Hence you can’t sell stock_name_auto Unlisted Shares which you bought in Pre-IPO for 6 months after its listing. i.e. You can sell it only after 6 months calculated from the listing date.

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• 3. We will ask for bank details of yours once the stock_name_auto Unlisted Shares are received in our demat account..

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• 5. Payment will be made in RTGS / NEFT / CHEQUE TRANSFER/IMPS. No CASH DEPOSIT.

• 6. Payment will be given in the same account which is linked to demat account or you need to provide the cancelled cheque shows your name to verify. As per SEBI regulations, the transfer of funds in the third party account is not legal and our policy refrain us from doing so.

Note: The price at which we are buying the share is fixed for 3 days. If you cant sell your stock within 3 days, then the price of that day will be applicable when we receive shares in our demat.

Lock-in period of stock_name_auto Unlisted Shares depends upon category of investors.

• 1. Venture Capital Funds or Alternate Investment Fund of Category -I or II, or Foreign Venture Capital Investor - lock-in Period of 6 months from the date of acquisition of stock_name_auto Unlisted Shares.

• 2. Other Investors (include Retail, HNIs or Body Corporate) lock-in Period of 6 months from the date of listing of IPO of stock_name_auto Unlisted Shares.

This new SEBI rule was introduced in the month of August-2021, wherein the SEBI has reduced the lock-in period previously from 1 year to 6 months to encourage more and more funds to be invested in startups which are going to public or IPO in near future. Reduction of lock-in is seen as big step and after that many PMS funds are advising their clients to invest in Pre-IPO shares to get the benefit of early stage investment.

DIS - Delivery Instruction Slip is the way through which an investor can sell or transfer the stock_name_auto Unlisted Shares from his/her demat account to any other demat account. There are two Types of DIS Slip.

1. Offline-DIS - This is an offline mode of transfer of shares wherein the investors needs to fill DIS form and give it to their broker for transferring the shares. Following are the fields which are required to be filled.

• a. ISIN number of stock_name_auto Unlisted Shares.

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• d. Cosideration Amount

• e. Target DP ID and Client ID

• f. Annexure

2. Online DIS - Some of the broker these days gives facility of transferring the stock_name_auto Unlisted Shares via online DIS. So, please check with your broker whether such facility is available or not. For example: Angel Broking proivdes the facility of Online-DIS from its platform. As an investor he/she simply needs to add a beneficiary into it and send the stock_name_auto Unlisted Shares by filling the details similar to Ofline-DIS.

In the last 4-5 years, the unlisted share market has become quite big and as a result of that, the ticket size has reduced from usual 5-10 Lac to 35-50k in today's scenario. Generally via our Planify platform, if somebody wants to buy Unlisted Shares then minimum investment would be 35-50k.To know about the minimum lot size of stock_name_auto, kindly click on this hyperlink - stock_name_auto.

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If you sell your shares within 2 years, then you will have to pay Short-term Capital gain on unlisted shares. Short-Term Capital Gain is added in your Income. So, as per individual tax slab you need to pay capital gain tax.

If you sell your shares after 2 years, then you will have to pay Long-term Capital gain on unlisted shares LTCG is 20% with indexation benefits.

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If you buy stock_name_auto Unlisted Shares from Planify then these shares can checked in two ways. However, before we tell you the process of checking of shares, it is intimated that as per SEBI regulations, the shares can be transferred in demat account only.

Check credit of stock_name_auto Unlisted Shares Instantly?

• 1.You can download the NSDL or CDSL application from google play-store and check. If you want to check whether your stock broker is registered with NSDL or CDSL then check the following procedure.

• By carefully examining the number format of Demat Account we can easily identify whether the stock broker is registered with CDSL or NSDL.

• Demat Account = DP ID + Client ID. (16 Characters )

• "DP ID is the unique identification of the Broker. Every broker gets a unique number from CDSL or NSDL.By carefully examining the number format of Demat Account we can easily identify whether the stock broker is registered with CDSL or NSDL.

• Client ID is the unique identification of the Client. Every client gets this unique number which represents his/her portfolio.

• In CDSL, all these characters are numbers (1234567891234567) first 8 digits are DP ID and next 8 digits are Client Id whereas in NSDL the first two characters are letters which are in accordance with the country that you are from (IN12345678912345), then 6 unique digits for Broker and next 8 digits are client ID.

• Example:

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• NSDL = IN123456 (DP ID) and 78912345(Client ID).

• Check in brokers application?

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If you see the thesis of investment in the unlisted shares then it is being done mainly to take the advantage of IPO market. And, if the IPO plans of company get delayed due to market conditions or any other reason then demand suddenly drops in the market. The unlisted market works mainly on demand and supply and if there is no IPO news then getting exit would be difficult.

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We at Planify do the valuation based on 2 methods.

• 1. We check the last funding that is being done in the stock_name_auto Unlisted Shares to ascertain the benchmark valuation.

• 2. If there is no funding happened in the company, then we try to find a business similar to stock_name_auto Unlisted Shares in the listed space and do comparison method to ascertain the valuation.

As an investor in the unlisted space, we would always recommend that you must check all the risk parameter carefully before investing in the unlisted space.

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Fundamental & Comparative valuation models and the forces of demand and supply in the market for unlisted shares dictate the price. These prices are based on our estimates and transaction history of stock_name_auto Ltd unlisted share.

We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of stock_name_auto Ltd unlisted shares with us.

The financials of stock_name_auto Ltd which includes the P/L of stock_name_auto Ltd and the Balance Sheet of stock_name_auto Ltd is in the financials section.

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